Can you trade in your iphone5 for the iphone 6 if you are not eligible for an upgrade?

I want to take advantage of the iphone trade in offer Verizon is offering, can I do this if I am not eligible for an upgrade yet?

No.
Either wait it out for your upgrade time, or switch to a Verizon Edge plan (you have to turn in your iPhone 5 in lieu of ETF fees).
With Edge, you don't get anything in return for your phone, except out of your current contract.

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